tv Bloomberg Technology Bloomberg April 22, 2019 11:00pm-12:00am EDT
>> i'm emily in san francisco. this is "bloomberg technology." tesla unveils its next generation of self-driving technology with c.e.o. elon musk calling it, quote, the best ship in the world. but will it live up to the hype on the road? plus, samsung has delayed the launch of its first foreheadable smartphone after reports of its first screen failures. and our exclusive conversation. can the company live up to its own aspirations to become the super app of asia?
but first, our top story. tesla kicking off on monday. c.e.o. elon musk seemed most excited about tesla's self-driving future. he singled out a chip that he claims will make this a reality, calling it the best chip in the world. >> not best by a small margin. best by a huge margin. it's in the cars right now. all teslas being produced right now have this computer. we switched over from the snx about a month ago. we switched over to model 3 about 10 days ago. all cars being produced have all the hardware necessary, computer and otherwise, for full self-driving. >> to discuss, i want to bring in craig from new york.
musk himself addresses the skepticism around calling this the best chip in the world, saying how can a company that's never designed a chip, design the best chip in the world? what is the answer to that? >> we knew that tesla was doing this, and we knew they were going to swap out. the surprise here is, you know, the timing of this happening. and just how much, you know, musk is willing to go -- how far he's willing to go to kind of talk about his bona fides, in very muskian fashion he's talking about it being the best ever. we'll sort of see. investors may get a chance to sort of put this through their paces this afternoon, because after these presentations that have been going on for quite a while now, the investors that
are in the room at tesla headquarters in palo alto are going to do some test drives. so we may get some reviews as to just how well it performs. >> so the test drives are happening later today. the analysts who are there, so far they've said they are underwhelmed. one analyst said that it's boring, which, you know, anything associated with elon musk, you don't normally use the word boring. why are they so skeptical about what they learned today? >> well, i think it didn't hurt that they started about 40 minutes late. then the beginning of the presentation was very, very technical. to tesla's credit, it does feel like they've warmed up a little bit. no sooner did musk acknowledge that he's sometimes a little bit late in promising things than actually delivering them, he made a proclamation just in the last few minutes about tesla network and this is a concept that he talked about a couple of years ago in his master plan.
but he talked about this in this afternoon's presentation. he talk about the idea of this being sort of a hybrid of an uber and airbnb model, where like uber it's a which to get around, and like airbnb, whereas you put your house or apartment up on airbnb and it helps you sort of defray the costs of your real estate, you basically do the same with your car. and musk has talked about doing that with robo taxis, so with fully self-driving vehicles, able to drive themselves. he says he thinks he'll be able to do this by the end of next year, which seems, again, like a very muskian time line that we'll see if he can actually pull off. >> always aggressive with his time lines. now, tesla, of course, already has the auto pilot feature. what is he promising that is new? i mean, a fully fledged self-driving tesla? >> yeah. i think he's talked about having the hardware necessary for full self-driving before. he's now talking about the hardware being even better, sort of new and improved, with the
best, you know, computing power out there. but also, walking investors through some of the advancements that they've made on the software side as well. and that gig them the cape -- giving them the capability to put features out there, enable people eventually to be sort of out of the loop. and then after that, also be able to convince regulators that, you know, drivers can basically stop paying attention. all of this, again, as you put it is a bold set of statements and we'll see if it's actually something that tesla is able to pull off. he did quantify that this won't be something we'll see on streets all over the place. he talked about in sort of a select jurisdiction by sometime late next year. but, again, we'll see. >> the timing is also interesting, of course, given that tesla's results are going to be coming out later this week. now, i do have to ask you about the story coming out of shanghai, a video that has
surfaced on social media, of a tesla parked in a covered parking garage that starts to smoke from beneath the car. and within seconds, it bursts into flames. i mean, we're watching this video now. it is absolutely shocking if. we still, of course, have to verify the origin of this video. but tesla has sent they sent a team to shanghai to investigate. what's happening here? >> i don't know. and i don't know that tesla knows at this point. as you mentioned, they've sent a team to investigate. we've seen in the past where battery electric vehicles, if they're driven over something and it's sort of punctured the
battery, that it's not a situation where they just sort of immediately burst into flames. but lithium, you know, burns very intensely and, you know, you can see for yourself with that video just how much there's sort of a fire hazard when something goes awry. but we don't know at this point what happened. whether this was a vehicle that was driven over something and the battery was punctured. a few years ago, tesla had an incident along those lines and sort of beefed up the steel casing around the battery to prevent against these sorts of things happening. we should also acknowledge that gasoline-powered vehicles are
obviously combustible as well. but certainly because tesla is still such a hot commodity and a hot name and electric vehicles are so big in china, this is not a good look for tesla. it's something they have to get into the bottom of, that this is not something that happens all the time and perhaps was just an anomaly here. >> we're going to bring you all the latest developments as they try to get to the bottom of it. i also want to ask you about the newly contentious relationship between musk and panasonic which makes the lithium ion batteries that go into teslas. this is the sort of public feud where musk is saying that panasonic isn't producing batteries fast enough, that it's slowing down model 3 production. whereas panasonic seems to be intentionally hitting the brakes on production of these batteries. we don't know for sure why. what is happening here? >> yeah. the whole story on this is really excellent. dana points out that this was always sort of an odd couple, where you have tesla, who is led by this sort of mad genius, paired with panasonic, that is this more than centuries old, very conservative, very deliberate japanese company. they've been in the gigafactory
for a couple of years now in nevada. and it's always been a little bit curious that these two ended up together. but it's sort of surfaced recently, some of the tensions that they've had where obviously tesla, it's no secret, had serious production issues, even into sort of midway through last year. and musk very recently sort of throwing panasonic under the bus, it felt like, by talking about how panasonic's battery lines were holding model 3 production back. and it seemed to be a sort of case of, you know, making excuses for, you know, tesla having some real sort of operational issues lately. tesla has tried to sort of put to rest this notion that they have demand concerns. but obviously wall street has not really taken tesla at its word from that regard. the shares are down about 20% this year. >> all right. lots to continue to follow. our own craig. thank you so much for those updates. coming up, sri lanka shuts down social media in the wake of horrific bombings. how facebook and youtube are
>> the sri lankan government has shut down social media and networking channels in the wake of a devastating easter attack. officials are hoping to stop the flow of possible hate speech that's been known to spread on social networks following attacks. it includes youtube and more. this isn't the first time a country has taken this measure to combat hate speech. the question is, will it work? we've got ivan, the executive editor of global voices at digital advocacy non profit.
and executive editor brad stone. ivan, you've been out there, condemning some of the behaviors of these companies. you say this is an indictment of social media. why? >> it's not just an indictment of social media. it is a part of -- it is a moment in a long trend of lack of responsiveness to the requests of -- communities that have seen disinformation and hate speech on online platforms and have not been able to get an adequate response from the social media companies to address their concerns in a timely manner. that was true in the sri lankaian case as well. >> give us some examples of where you've seen this happen elsewhere. we know in india, for example, whats app has been blamed for the spread of viral rumors that have led to fresh waves of
violence. tell us more about how non-english language communities you can see these tools used for ill. >> this isn't only about the tool. it's a integration of how the tools are use and current trends that are happening in communities and countries around the world. it is not a determined thing that the technology is the only problem. however, in many places around the world, we see an increase in harassment, in hate speech incitement and in extremist language. and the social media platforms are in the main not designed to handle that, the restriction of different kinds of speech. they are especially challenged when it's happening in languages other than the ones that they are primarily monitoring for. so they need to build up teams that can actually proactively
respond in a timely manner to the appearance of threats, and build content systems that work accordingly. myanmar is another example and bangladesh as well. >> they're even challenged in english-speaking communities, as we have learned. facebook said our hearts go out to the victims, the families, the community affected by this horrendous act. teams from across facebook have been working to identify and remove content which violates standards. we are aware of the standard of blocking social media platforms. people rely on our services to communicate with their loved once and we are committed to maintaining our network during this tragic time. there's no evidence these attacks were spun up on social media or because of social media. though there's a sort of preemptive precrime aspect here. what do you make of that? >> i think ivan put a finger on it.
it's just a lack of trust around these social networks and the kind of behavior and sort of viral hatreds they're capable of inciting. facebook has rolled out things like safety check to allow people to tell their family and friends they're ok, emergency alerts to help local governments communicate. yet more often than not, they're being used to foment hatreds. i think from a numbers perspective, you know, this is a small part of facebook's global business. but, you know, it's a terrible symbol of how, you know, instead of helping, you know, in these kinds of crises, they're often viewed quite skeptically. >> can you give us some examples of how, after attacks like this, you can see the events then
again spun up on social media, you know, further spread of hate, further spread of misinformation, even if they weren't necessarily involved in the attack itself? >> i want to say, before that, i think it's really important to note that communities in sri lanka themselves are opposed to this ban. independent journalists, advocates, researchers, are not in favor of this. they're very frustrated by the fact it's happened and they find it to be ineffective in practice. this goes to your question. >> why are they frustrated? >> because for them, social media platforms are an essential element in communications. because for a long history, for sri lanka's history for the past 20 years, independent, non-mainstream journalism, the usual platforms, have been essential to a diversity of voices and perspectives.
that's still true today. but when social media platforms are blocked, it decreases their ability to do their work. and also, these kinds of blocks are ineffective. it's very easy to install a vpn and get around them. we saw when the block happened, the sri lankan government blocked whatsapp and facebook following community violence. researchers found that within a matter of a day or two, something like 50% of facebook's traffic was back. so this hurts communities that have less knowledge, fewer resources to actually be able to build work-arounds. but it doesn't hurt people who have the resources or who are especially motivated to be online. >> so, brad, none of this is black and white, right? >> i want to add to ivan's point. which is there's something very unsettling about this.
there's, of course, a very fine line between shutting down some of these social networking tools, preventing misinformation and mob behavior, and an authoritarian government, after an emergency, shutting down these tools to prevent, you know, criticism, to prevent opposition parties from making themselves heard, to prevent the free dissemination of news and information. it's a troubling development. >> big questions for the social media platforms, no matter what. thank you both. coming up, after eight years of development, samsung finally unveiled its photoable smartphone -- foreheadable smartphone. -- its foldable smartphone. but customers won't be able to buy it just yet. ♪
experience. to fully evaluate this feedback, we've decided to delay the release of the galaxy fold and plan to announce the release date in coming weeks. joining us from boston to discuss, our very own mark. of course, you yourself saw problems with the galaxy fold, a tear at the hinge, the screen going black. you know, talk to us about how this story has developed through the weekend and what else has popped up. >> so i actually brought a prop with me today. this is the phone. this is going to be probably the last time you're going to see me with this on air for a while, until they relaunch this thing, because they are picking it up tomorrow morning. i received the phone last monday. it has this plastic film on it that looks like the type of film that you would get on any other phone, even samsung phones, iphones, tv's and tablets, that you remove before using. but about 48 hours after removing that plastic sheet, the
phone was completely dead. so the left side of the screen, inside the phone, this screen, right here, one side went out completely after about a day. then the next day, it was about 75% dead across the whole thing. by wednesday morning, it was completely gone. in my book, the difference between a $2,000 phone working and not working should not be a thin piece of plastic. >> bryan, what's your take on this? >> i mean, i think i agree with mark, what he said. that's a big starting point right there. i think overall, this is a big sign to me that the industry wasn't ready for this. i think this is a big issue for samsung in general, because obviously their name is attached to this. but i think it's a bigger issue for the segment and the category in general, overall. so they're trying to launch something new, where to be honest, there really wasn't consumer demand for. no consumers were really waiting for this, in my opinion. so it's a hiccup in the road to
a new sort of product category and there's a lot that's untold at this point. we're waiting to see what these things will look like when they actually do work. overall, to be honest, i think most of these companies, samsung first but i think there's a few others right behind them, were rushing to market with these devices because they want to have that first or pretty close to first in the new product category, again, that i don't see the initial demand for. >> we've had only analysts on the phone who are very excited about this foldable phone. do you see any evidence that this is a product that consumers want? >> the problem with this incarnation is that it's basically both a phone and tablet and you can switch between the two modes. the problem is, it's not a very good phone and it's not a very
good tablet. if you read my review, i go into the different details as to why it's not very good at either. so basically you're getting for $2,000, a bad tablet and a bad phone. for that kind of money, you can get an ipad, iphone, even an apple watch on top of that and have a little bit left over. also, you can buy a samsung tablet and have $750 cash left over. >> when you put it that way, it's sort of hard to argue, ryan. samsung had issues a couple years ago with the note 7, the battery catching fire. how bad is this in the context of the broader product lineup? >> personally, i would say that the note 7 issue was much worse for samsung, because there were actual customers waiting for that product. they did have a loyal -- and they still do have a very loyal note user base that were waiting for the note 7 when it came out. and many bought them. and they experienced those
issues unfortunately. so i just don't see that there's any actual consumers that have been waiting for this product. i'm pretty sure that most don't even know that these products were ready to launch. if you look at the marketing campaigns that samsung alone has done around their new products over the past literally 10 years, i would say this is probably as minimal as possible in terms of marketing. they've got -- not only did they just launch the s10 lineup but they've got the s10 5g coming. this felt very un-samsung-like. i would almost separate the issues, not in defense of them, but i think they're very different in nature. i felt like this was too many new technologies and really trying to get them out to market really quickly, where they had more time to sort of wait on that. >> we'll have to leave it there. we'll be watching how this one develops.
>> this is "bloomberg technology." i'm emily chang in san francisco. southeast asia's leading ride-haling app, grab, brought its funding to a total of 4.5 billion. now the company says it's supersizing and plans to raise additional money this year. joining us to discuss, grab cofounder. great to have you back here in the studio. >> thanks for having me again, emily. >> last time you were here, we talked about the vision to become a super app. how much progress have you made towards that since we last spoke? >> great question.
in many senses, we are already southeast asia's everyday super app. we see tremendous traction. in 2018, we grew our revenue by more than two. our growth verticals have been growing tremendously. our food delivery service grew more than 45 times in 2018. our payments and financial services as well, grab financial group, grew more than five times in the same year as well. so in many different ways, we are already southeast asia's everyday super app. >> and you're talking about parcel delivery, content and digital payments, digital health care. how would you describe this the?
is it like amazon for everything? >> no. it's grab southeast asia. i think it's really important to frame why we're doing certain things with partners as part of the grab platform partnership strategy. let me frame this. the core services, transport, food, payments and financial services. those are the things growing healthily. now, the things that you talked about, groceries, videos, content, those are things that we're doing in partnership with other global players like booking.com, microsoft and doctor for health care, because we believe they have new technology assets that they can bring to southeast asia. >> you want to raise $2 billion more. why? >> we've seen tremendous growth and interest from global, regional and local partners. because of this, this is actually a great time for us to reinvest back into southeast asia, to the leading ride-haling platform, not moving into food, payments and more. this additional $2 billion -- i'm sorry -- $6.5 billion is going to be used for partially reinvesting back into food, payments and financial services
and doubling down in our largest and fastest growing market, indonesia. >> i want to talk to you about the regional breakdown you're seeing. what is the evidence of traction, let's say, in indonesia? >> for example, we're already part of the largest payments wallets. our partnership. food as well has been growing tremendously. last year alone, we grew more than 10 times there. of course, in ride haling and transport, we're already the largest player with 60, 70% plus market share. >> you mentioned you doubled revenue in 2018. you're on target to surpass a billion. did you surpass a bill in billion in$1 revenues? >> yes, we did. just last month, my cofounder, was in tokyo. he was sharing how happy he was with our progress and the fact that he was recommitting $1 #.5 billion -- 1.5 billion more as part of this round. >> he said he wanted to provide unlimited support to power your growth.
does that also mean unlimited access to capital? >> of course, he just added $1.5 billion to our resource and bank account, so thank you very much. >> he's not going to give you the next billion? >> he has already contributed as part of -- softbank, a billion. we've had a longstanding relationship with him. the reason why this is important because it shows that we've continued to be able to execute well. as you know, mafa has big, ambitious plans. we do too. we, together with softbank, our investors like toyota, microsoft, booking, are eager to continue executing on that vision and trajectory. >> every time a founder takes on new funding, there are new expectations. and founders debate. can i live up to those expectations? do you have any concerns about taking on this much capital and then delivering those returns? >> no.
ha ha! and the reason for that is because i think this is not the first time that we've been doing a significant fund-raising round. it's not the first time that we put great big ambitions ahead of us. and because of a couple of things, right, that historical execution trajectory where we've always overexecuted, also the fact that, you know, our partners can now see the future of southeast asia being a potential that no one has ever seen before, globally trying to -- u.s. players are trying to enter the market as well. in southeast asia, grab is the go-to partner in the region, we've raised more than six times more capital than any alternative player. and it's because of that historical trajectory and that future potential that we are sharing part of the grab platform super app strategy and the fact that we've already been executing well on it, i think that's why we're actually excited about the future.
>> you've also said you're on track to double your 2018 revenue in 2019. is that still the case? >> we are looking at all sorts of top line growth. by the end of the year, we expect to be four times larger than the nearest alternative player in the region. we're also looking to use that investment money for at least six investments or acquisitions, because we're looking for partners that can help us accelerate the growth of the super app strategy. >> where will we see you make more acquisitions, in what areas? in what regions? >> the things that we've been doing with acquisitions and investments is to look for partners that can accelerate our underlying platform. i'll give you an example. kudo were the largest agent agent division platform in indonesia,
where they were present in more than 500 cities. with that presence, they enabled us to help launch new cities and services in a few hundred more locations in indonesia, very quickly at very low cost. so those types of partners which can help us boost, you know, our operating efficiency, that can help us bring strategic values in ways we would have taken a lot of time to do so on our own are other ways we're hoping to invest in and particularly in financial services, food and the super app platform. >> now, we've seen lyft go public. we've seen uber financials as they prepare to go public. they're losing a lot of money. lyft is losing half as much money as it's making. what do your profits look like? can you break even? >> the good news is we're already profitable in some of our more mature markets, particularly in transport. >> which region? >> i can't say specifically. but what i can say is for those regions, things are going well. and beyond that, there is always a very clear line to loss and
profitability, before we decide to start any new business. this year particularly, especially the large round that we just raised, of course we're going to be increasing investments because the time is right. the time is now. everybody sees that. that's what we're heavily geared towards right now. >> now, uber has invested in grab. has a seat on the board. you don't have a stake in uber. why not? >> we're very focused on our markets, our customers. the relationship with dara and his team has been tremendous. he's been a great board member. we've learned a lot from them, and they've learned a lot from us. we're looking forward to that relationship continuing in bigger, better ways. what we look for when we think about partners and who to invest in are folks that want and can bring value to the underlying grab platform, in two dimensions. one is, of course, value from operational value, strategic value, financial value. second, value in terms of
ethical, cultural, vision value. and we found that tremendously in uber. >> so you think uber, as an example, how might uber become a better partner in bigger and better ways? >> keep posted. when we have anything to announce you'll be one of the first to know. >> i know i've asked you this. i feel i need to ask again. uber is obviously a very ambitious company. they had to pull back in some of the regions they've expanded into. do you worry about running into them in certain territories where you're also trying to expand? >> no, because we are very focused on southeast asia. there is no reason to go outside of southeast asia, to be honest. everybody is trying to come in right now. >> so you're not going global. >> no. >> you're very focused on that region. >> we're not going global operational. but at the same time, we have always taken a global approach to talent. what do i mean by that?
we have eight operational offices in southeast asia but we have three outside. one here in the state, in seattle, because we have one here, and two additional r&d centers. we take a global approach to solving southeast asia's problems. >> any new initiatives we can watch for when it comes to grab financial services or grad food? >> fantastic question. by the end of this year, we're actually targeted to be southeast asia's largest -- this is all happening as we speak, so keep posted. on the food front as well, we're expected to be the largest revenue contributor in southeast asia. we are already the only regional food provider in six countries. we are also already the only player in southeast asia that has six payments.
that's what i mean by we are already southeast asia's everyday super app. i would love if we're no longer referred to as the ride-haling champions of southeast asia, because that world has changed. >> let's say we have this conversation again in a year. where will grab be then? >> we will have executed on all the areas we just talked about and we will be sharing what's next in the next year. what do i think about, you know, especially beyond food, financial services and transport? we're entering exciting areas which we always wanted to contribute back to, for example, health care. we have a partnership with them and we're going to be scailg -- scaling that out. we also have great technology, great operational know-how. we started rolling out some of the partnerships and microinsurance technologies that
we'll be seeing more of. so look out for more of these exciting partnerships with global players and look out for more exciting growth numbers. >> all right. grab cofounder, good to have you back on the show. thank you so much for stopping by. i'll see you in a year, if not sooner. huawei is reporting first quarter sales jumped to 27 billion. the company also reported it shipped up to 59 million smartphones to markets around the globe. huawei is pushing back against efforts by the u.s. government to stop other nations using its technology. so far, australia has banned it outright and japan said it won't be allowed to participate in the roll-out of new networks. still ahead, tiktok has turned into one of the most popular apps in china. we will take a closer look at the company behind it, next. this is bloomberg.
now it wants to be the next global internet titan. take a look. >> the funny, cute and sometimes silly videos are from tiktok, one of the most popular social video apps in the world. over half a billion people, mostly teenagers and millennials, use tiktok and its chinese version to make and share short form videos. but you may have never heard of the app's creator, a chinese r, e internet company with a billion dollar evaluation. it's the world's most valuable start-up. this is the story of how they achieved their extraordinary success in china and how it's pushing to be the next global internet titan. when it was first founded, investors doubted the then-29-year-old and his ideas. but he proved them wrong. in just seven years, the company evolved into a multifaceted empire. its apps or for everything, from news aggregation to online education. >> unlike other chinese companies, it was thinking of expanding overseas relatively early on.
the founder was already talking about acquisitions and hiring from overseas, places like the u.s. and europe, just 2.5 to three years into his company's lifespan. >> they created a significant following around the world, in the early stage of its international expansion. tiktok is the most popular app abroad, has reached over a billion downloads, with about 25% from india and 9% from the u.s. even apple's c.e.o. couldn't resist a visit to the start-up's headquarters during a trip to beijing last year. it's relative success abroad has been partly achieved through smart acquisitions and strategic expansions. bytedance it was already very popular for teens and millennials in the u.s. the company then merged musically into tiktok and suddenly had a substantial user base in the u.s. >> it's such popcorn
entertainment that you can consume very quickly. it's just 15 seconds, each. and on the other hand, by using their artificial intelligence targeting, they can get you the content that you're most interested in see. >> the success story started with its aggregation app in 2012. the app uses ai to aggregate music and videos and then pushes personalized feeds to users. it's similar to facebook's news feed or apple news. >> they use their ai engines to serve content you want to see. so the idea is the more you use it, the better it learns about your habits and personality and the better suited the article becomes for you. that becomes an individual experience. >> but not everybody was happy about the business practices, especially publishers, who felt their original content was stolen by the news aggregator. after a flurry of copyright lawsuits, they negotiated deals with media partners to share revenue.
today, it has become one of the most popular news services anywhere, with more than 700 million registered users. what's remarkable is that they managed to create such hugely popular apps like total and tiktok, without backing from chinese internet giants. also, collectively known as bat. it often found itself at war with the three giants. >> if you're not backed by bat, it's very difficult to survive as an internet unicorn in china. in many ways, they survived by being underestimated by other chinese internet giants. >> the challenge now is how they can keep their momentum while facing intense competition from local and international players. its main revenue comes from ad sales. but the company barely met its 2018 revenue target. they also face regulatory issues at home and abroad. last april, they had to shut
down a popular app in china. it's bread and butter were also suspended by the chinese government around the same time. content is also a risky ren chur - a risky venture in overseas markets like the u.s. in february, tiktok had to pay a record 5.7 million to settle claims by the u.s. government that it illegally collected personal information from children. so their ambition to be a global internet titan might mean a tough road ahead. >> coming up, stocks have already seen double digit gains. will the next round of earnings push it even higher? we will discuss, next. this is bloomberg. ♪
>> more startups are rushing into public markets in what's turning into a very busy year for i.p.o.s. the maker of vegan chicken and beef substitutes is seeking to raise as much as $184 million in its initial public offering. investors include bill gates and leonardo dicaprio. and the former mcdonald's ceo. meanwhile, douyu also filed for a u.s. i.p.o., seeking to list on the new york stock exchange. the company plans to use proceeds to invest in r&d. and marketing. meantime, a lot of tech earnings, including facebook and amazon. later in the week, so what are investors looking for? joining us now, bloomberg tech editor. twitter first. coming up, tuesday morning, what are you expecting? >> i think they all have a lot to live up to, because of all the shares have rebounded after the swoon last year. twitter, they have this new metric, which is monetizable monthly users, which is just
basically the result of them having to clear off all these fake -- >> we just need all the acronyms to get longer and longer. >> ha ha! i think people are going to be looking for at least that number to not be falling quite a lot. they already warned the number would go down. if it's a stable number, i think that would be really good for twitter. >> you mentioned the run-up over the last few months. i have a chart in my library which shows the nasdaq tech index over the last four months, you can clearly see on the way up. what about snap? >> snap had a terrible year last year but it's more than doubled this year, which is pretty incredible. last year, they had a really bad launch of an android app. they're trying new things like some games that are going to be going platform and games they developed themselves. that type of thing is all about engagement for snap. if they can get young people playing games as well as sending
people messages, that will be good for their engagement. over time, the bet is they'll be able to sell that and actually make some money. >> and, of course, facebook with all its controversies. >> yeah. facebook has been the teflon stock of this year so far. i think 37% this year. >> after a huge drop last year. >> after a massive drop last year. again, a lot of their privacy slip-ups and some of the regulation that's already happened, it hasn't undermined their main business, which is, when you go on to check things about your friend, you see an ad. they make money. that's still humming along. and it seems like nothing they can do, no mistake they can do will up-end that, until somebody comes up with some really serious regulation. >> outside of social media, how about amazon? >> so amazon has had some hiccups lately. there are signs they've been cutting some costs. the one i pointed to ask the india -- is the india hiccup.
this is the classic bezos plan. the government there just banned them from owning a majority stake in any of the merchants that sell stuff on their marketplace in india. >> why? >> i think it's related to what warren has been talking about, this idea that really you shouldn't compete against other merchants, so basically amazon did own a majority stake in a big seller in its marketplace in india. it was banned from doing that. they had to pull a load of listings off the marketplace almost immediately and sell a stake. so that type of thing, you know, any type of thing in a high grades market like that might be a problem for their revenue number. >> you and we will be all over it. lots of news coming this week. thanks so much. and that does it for this edition of "bloomberg technology." we're live streaming on twitter, of course. you can check us out at technology and follow our global news technology tictoc on twitter. this is bloomberg. ♪
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mrs. -- this is "bloomberg daybreak: middle east ." manus: white house scraps oil sanctions on iran. -- investorsngs are bracing for results, central bank decisions and economic data this week. will they carry the equity rally further? manus: president trump shall says plan to put herman cain on the federal reserve amid opposition from his own party. there is no pressure to block